Yangarra Resources Posts Private Placements
Yangarra Resources intends to complete two non-brokered private placements (the "Private Placements"). The first Private Placement will be up to 1,650,000 shares ("Common Shares") at $0.56 per Common Share (the "Offering") for gross proceeds of up to $924,000. The second Private Placement will consist of up to 1,650,000 flow-through shares ("Flow-Through Shares") at $0.60 per Flow-Through Share (the "Flow-Through Offering") for gross proceeds of up to $990,000. Each Flow-Through Share will be issued on a "flow-through" basis under the Income Tax Act (Canada). A 6% cash commission will be paid in the sale of the associated funds raised. The Private Placements are expected to close on or before June 28, 2010, subject to a four month hold period and approval by the TSX Venture Exchange.
Yangarra will use all the proceeds from the Flow-Through Offering to fund qualifying expenditures on the Company's natural gas and oil properties.